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The Federal Deposit Insurance Corp. has lifted a consent order against Metro Bank related to the bank's anti-money laundering and Bank Secrecy Act programs.
October 23 -
Republic First may try to revive its 2008 deal to sell itself to Metro Bancorp. That effort died at the feet of regulators but still makes sense in the eyes of some. Other banks are said to be asking similar questions about old deals.
June 20
Metro Bancorp (METR) in Harrisburg, Pa., beat quarterly earnings estimates as its loan book posted strong growth.
The $2.8 billion-asset company earned $4.7 million in the third quarter, more than double the figure a year earlier, Metro reported Monday. Earnings per share of 33 cents were 6 cents higher than the average of estimates from analysts polled by Bloomberg.
Net interest income climbed 5% to $22.9 million. Average interest-earning assets grew 13% to $2.6 billion, and total assets increased 9%. The loan growth made up for a tightening in the net interest margin of 26 basis points, to 3.49%.
Noninterest income increased 5% to $7.5 million as service charges and fees rose 8%, to $7.4 million. Noninterest expense fell slightly, to $22.4 million, 3% lower than the same period in 2012, when the bank recorded a $1.5 million regulatory charge.
Metro's asset quality improved, as the provision for loan losses fell by more than half to $1.2 million, and net chargeoffs fell to $1.8 million from $3.1 million.
Metro was
